Yes there are dumb bears out there. Today an anxious bear called me to say- "Did you hear about the Chinese allowing the Yuan to rise. It means Vancouver RE become cheaper for them".
Of course I had heard about it. It caused a quick (and short lived) stock market rally this morning.
However lets look at the facts:
As you can see, the Dollar held it's own today and in fact is up against the Yuan over the last week or two.
Panic over...
BTW- Chad. FWIW. I agree that it will a slow decline rather than a Betty-bolt-the-doors drop.
ReplyDeleteHowever I was surprised by how quickly things fell in 2008 and how fast they rebounded in 2009- so who's to know.
The comments about the Yuan revaluation were so political and so vague and I don't think anyone knows what to make of it yet. It could be a good thing, it could be a bad thing, we need to know more.
ReplyDeleteI am still pretty unconvinced that mainland Chinese buyers have a huge effect on our market. Sure they buy some places, but the vast majority of buyers are people who already live here or are moving here from somewhere other than china.
ReplyDeleteOn a related note, River Green sold out. That one I would say was probably more affected by chinese buyers than most pre-sales.
No one knows the film?
ReplyDeleteNo sales in West Van today....hurray!
Lots of price reductions. Some hundreds of thousands.
Hint- the film is about RE too...sort of.
ReplyDeleteDances with Wolves?
ReplyDeleteI think it was Dances with Wolves?
ReplyDeleteAnd it's pronounced Dun-baaaah
Yup- you both got it.
ReplyDeleteThat was the quisition of RE from one group by another too. Except the aquirers didn't use omoney but guns and force of numbers to complete the deal :)
oops- sorry about the typos..aquisition and money.
ReplyDeleteThat dumb-bear dunbar line is very funny. I had almost forgotten it.
ReplyDeleteAll West Van sales for yesterday came to day. very bullish numbers :(
ReplyDeleteHow was today for WV? GVREB was at 50something.
ReplyDeleteNo SFH sales!
ReplyDeleteSchizo market or what?
Two sales today. Few changes and only a couple of new listings. Very odd market.
ReplyDeleteOne house had $350K lopped off. And now another 200K off. You wonder what metrics are used to price homes once they get into these 'telephone number' prices.